Breaking the net shares not bottom car broken the automobile financial

  • Created:
  • / Author: Aaron Lewis

Because the domestic automobile financial company basically belongs to the starting stage, almost every company are at a loss or a low profit operation state. It is reported, according to the statistics of Europe and other mature car market, car consumption loans accounted for the proportion of sales (that is, the industry called "penetration") to achieve around 25%, the automobile financial service will be profitable. But the domestic even operation of auto finance companies mature, the penetration rate of the whole only 15%. Even the best Ford automobile financial company, although the pace of development in recent years doubled last year, has already reached 10000 units, the penetration rate is still not close to 20%.

According to commercial banks to publish the information display, the 2007 national financial institutions, personal consumption credit balance of 3278300000000 yuan, the purchase a car loan is only 110700000000 yuan, less than 3% of housing loans.

A stock valuation, the currentShanghai and Shenzhen 300(1833.262,12.36,0.68%,吧)The index of dynamic price earnings ratio of 13 times, from the historical low level of valuation and 10% to 20% space; Morgan Chinese index is trading at around 9 times earnings, the history of the most underestimated the value of the distance in about 20%. Overall, both A shares or H shares, B shares, the market has entered the buy region. Despite the slowdown in economic growth, may lead to the short-term stock price to fluctuate, but relatively low valuation and looked for a long time to clear Chinese growth prospects, that opportunity is, or has come.

The first half of 146 strands of breaking the net, net assets not bottom

Http://www.sina.com.cn  October 18, 200815:43  Oriental Morning Post

Stocks breaking the net, does not mean that the then rising profit opportunities, the key lies in whether the company has new investment highlights the future, otherwise there will be no good performance opportunity, unless the market reversal.

Oriental Morning Post a weekly financial reporter / Qiu Liang

After 3 years, breaking the net tide strikes again.

Since April, more than 146 stocks have dropped below the net assets. The bull market high price earnings ratio, the bear market low city net rate. Whether these below book value of equity with marginal safe enough? They have investment opportunities?

Breaking the net shares are still down space

This year in April, when the Shanghai Composite Index fell to 3000 points in a line, breaking the net shares reappearing. April 14th.Nanjing Gaoke(10.41,0.13,1.26%,吧)(600064) to 20.84 yuan, to become the first in more than two years below the net assets of A shares. April 17th.Changchun after opening(3.35,0,0%,吧)(600215) also joined the "breaking the net," family. After the first half of the year, with the market retreat, the team grew.

According to the statistics of Wind, the weighted average of two, A shares of the net rate (excluding negative) was 2.23, while a year ago 6124, this figure is as high as 7.67. As of Thursday, two city below the net assets of stock has reached 146, the number is close to the June 6, 2005 998 day 183. Another 78 only stocks at 1-1.1, may join the breaking the net force at any time.

More terrible is, breaking the net does not mean that the bottom. As early as 998, two average city net rate of only 1.63, from this point of view, the current market from the end of history is still 20% of the fall. According to relevant data shows, the end of a bear market in 2005, a lot of breaking the net shares a lot of annual income in more than 20% of the shares, the net after breaking down 30% to 50% meet the eye everywhere.

As of this Thursday,Tomorrow Technology(2.61,0.09,3.57%,吧)(600091),Kin(4.33,0.05,1.17%,吧)(000090) the city net rate of only 0.47 and 0.50 respectively, which means that these two stocks breaking the net again out of the market has been cut. In addition, Changchun after opening (600215),What industry(3.44,0.04,1.18%,吧)(600810) of 13 stocks after breaking the net decline in more than 30%.

Visible, the last line of defense net assets is not a bear market. Net assets does not reflect the listing Corporation now and in the future the actual operating conditions. "Breaking the net," just a reference index investment, but cannot judge as a company's share price bottom line.

Breaking the two major culprit net

For breaking the net tide, remains in the doldrums market is an important reason, in the last round of the bear market, stock price fell below the net assets was once as many as 300, accounting for two of all A shares into. At present, the market is still not deteriorated to such an extent, however, fundamentals remain intrinsic logic of breaking the net tide.

First of all, in the breaking the net shares, stocks a large proportion are faced with deteriorating fundamentals of industry. From the industry distribution, has broken the 146 stocks mainly concentrated in: Chemical (24), machinery and equipment (15), steel (13), textile and clothing (11), car (11), power (10), building materials (9), real estate (9). In the national economy is facing downward turning point and effects of sustained inflation, the future profitability of the whole industry is not optimistic.

In the iron and steel stocks as an example, the plate not only city net rate is low, the industry leaderAnshan Iron and Steel Company(6.32,0.12,1.94%,吧)(000898) appeared to break,Baoshan Iron & Steel Co.(5.52,0.06,1.10%,吧)(600019) are hovering near the net assets, and the plate earnings ratio is below 10 times. In order toWuhan Iron and Steel shares(5.16,0.11,2.18%,吧)(600005) semi annual report, the current stock price earnings ratio of less than 5 times. However, the industry cycle expected downward so that the stock can not simply to earnings, and other indicators to estimate.

The market expected, with costs continuing to run high, slowing demand, the release of production capacity, the steel industry of short-term stock price may still continue to fall, and if the future profitability deteriorated sharply, represent the past performance of the P / E ratio will be no reference.

Secondly, a special phenomenon this year is, changes in fair value of net assets will make more and more dynamic. The traditional sense of breaking the net logic is, the company's future performance is expected to reduce possible loss per share of net assets, the fair value is reflected in the interests of shareholders from last year the opening of the new accounting standards, in this year's big bear market, this will undoubtedly have financial assets, net assets of a listing Corporation produced a great influence.

In the first breaking the net sharesNanjing Gaoke(10.41,0.13,1.26%,吧)Last, this is especially obvious. The report shows that, in 2007 the company's total assets of 13728000000 yuan, the available for sale financial assets amounted to 8261000000 yuan, accounting for 60% of their total assets. It is because of Nanjing Gaoke holds a large number of available for sale financial assets, in the case of the stock market crash, the market expects its net assets per share will shrink sharply. In the first quarter of 2008 released the report, Nanjing Gaoke net assets fell from 20.85 yuan to 15.785 yuan. In this context, Nanjing Gaoke after falling. The daily news show, Nanjing Gaoke net assets per share has been further reduced to 12.67 yuan. At present, Nanjing Gaoke has fallen to around 10 yuan, net assets of the sharp decline in the stock price has lost the support of.

Breaking the net opportunity or trap

Thus, breaking the net does not mean that the undervalued, investors at least in the short term will still need to be observed on the situation after the prudent investment. Shun securities analyst Cai Ying told reporters, "the market is not stabilized, net assets would be of no avail oversold."

Private person Chen Xiaoyang also expressed a similar view: "the stock breaking the net, does not mean that the then rising profit opportunities, the key lies in whether the company has new investment highlights the future, otherwise there will be no good performance opportunity, unless the market reversal."

New Times Securities analyst Zheng Naixu pointed out that, in order to China present stock market situation, below the net assets has become a big trend, not changed in 3 years time. But he thinks, the sharp decline in the market, breaking the net, perhaps it is time to buy shares of the strategy. The prospects for the industry better, clear competitive advantage and price advantage obvious varieties worthy of attention from investors.

Therefore, investors don't simply put the net rate as investment principle, still need to judge the profitability. Active interest in the proposed policy and industry trends from the fundamentals, is expected to appear to correspond to choose to restore growth companies in industries as soon as possible.